CPA Firm Practice Management covers a wide array of topics from succession planning, human capital management and practice development. CPA Firm Practice Management also includes the use of marketing, like social media and SEO, and developing new clients. The Private Companies Practice Section is a membership section of the AICPA
consisting of public accounting firms. PCPS’s
mission is to make practicing CPAs and
their firms successful through education and
Have you ever approached a crossroads in your career and weren’t sure which path to take next? Or maybe you were struggling—with no luck—to gain more confidence and visibility in your job. If you were fortunate enough to have a mentor at these critical junctures, there’s a good chance you gained valuable insights into the best solutions and smartest next steps. In fact, 75% of executives in a poll by the Association for Talent Development said that a mentor had been critical in helping them ascend to their current position.
Mentoring includes imparting wisdom that the mentor has gained through a lifetime of business and personal experience. We reached out to members on LinkedIn and asked them to share some of the best advice they’d received from mentors throughout their careers. Here’s what they had to say:
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Running a CPA firm offers many satisfactions and more than a few challenges. It also involves asking yourself a lot of difficult questions - Are we on the right path to meet our short- and long-term goals? Are we competitive in our marketplace? Are we positioned to find the staff we need? When it comes to decision making—whether on day-to-day issues or long-term strategic planning—it’s a lot easier to find answers for those questions when you know how firms like your own are handling similar concerns. The PCPS/CPA.com National Management of an Accounting Practice (MAP) Survey offers the solutions you need, and its benefits are available to US and Canadian Public Accounting firms of all sizes. I encourage you to participate today. The CPA profession’s premier benchmarking study, it provides key metrics broken down by firm size and region that will help you understand where you stand in relation to your peers. Here are five ways your firm will benefit from the survey’s benchmarking data.
Find out how other firms are performing. You may know you’re doing well, but there’s no way of estimating, for example, how your growth in overall revenues compares with those of other firms of the same size. Similarly, you may have improved your utilization and realization rates over time—or be trying to—but would you do anything differently if you could see how your rates stack up against those of other practices? Once you see the comparison side-by-side, you may decide to set new goals for any number of key performance indicators. On the other hand, the data may confirm that you’re on the right course, which can give you confidence in the way your firm is operating.
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What if the concept of employee turnover was foreign to your firm? What if the Monday morning faces of each of your staff shone like those of children lined up for entrance to Disneyland? What if your firm had so many clients eager for your help that your biggest problem was managing new business?
The best firms have already figured out that motivated and passionate employees equals success. The real challenge lies in retaining those employees and keeping them engaged and inspired so they aren’t tempted to look for work elsewhere. Here are three initiatives to help your firm enhance employee engagement and inspire long-lasting dedication.
1. Get Employees Involved
An engaged employee is one who has a strong connection with their firm. That connection can be developed when the firm’s vision, mission, and core values are created and lived out through the involvement of all employees – not just trickled down from higher-ups. To help increase employee involvement, establish an engagement system that will benefit everyone in the firm, such as:
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It’s flu season -- conveniently coinciding with busy season. It’s time to stock up on cough syrup and analgesics to ward off the aches and discomfort of the flu. A visit to your family doctor might also be in order, if you can get an appointment. But what do you do if that ringing in your stuffy ear is a sign of hearing loss and not some flu-induced infection? What if those sniffles just won’t clear up on account of that broken nose you suffered last spring? Well, that’s when you visit the ENT-- the Ear, Nose and Throat specialist. She sees patients who need more focused care. She’s managing a niche practice.
For many CPAs, setting themselves apart in a competitive market is a critical goal. The popularity of practice areas such as personal financial planning, IT specialization, fraud and forensic accounting, business valuation, tax and assurance services demonstrates the value that finding the right niche can offer. Here are a few of the many benefits that help explain why more CPAs are choosing to specialize.
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Are you ready for the McWhopper? Recently, fast food behemoths Burger King and McDonald’s announced they would partner up to create a pop-up venture featuring the hybrid mega sandwich for a charitable cause. With such heated competition in the quick-eats restaurant industry, the two companies have struggled to maintain marketshare. While a merger is nowhere on the horizon, a short-term partnership, which has already garnered the two some much-needed positive PR, seems like a win-win.
Continue reading "17 Game Changing Ideas for CPA Firms to Join Forces and Get Ahead" »